U.S. stock index futures pointed to a higher open on Wednesday as traders eyed a deluge of earnings reports, while a post-election rally reignited.

Dow futures rose around 100 points, putting the index on track to open above 20,000. an important psychological level. Stocks rose on Tuesday after President Donald Trump signed a series of executive orders.

On the data front, Wednesday will see the FHFA home price index report for November released at 9 a.m ET.

On the earnings front, United Tech, Abbott Labs, Boeing and Novartis were among several companies that reported before the bell. AT&T, eBay,Qualcomm, F5 Networks, Las Vegas Sands, Vertex Pharma and Western Digital are among the major companies all due to report after the market close.

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In Europe, the pan-European Stoxx 600 index was around 1.09 percent higher on Wednesday morning. In Asia, the Shanghai Composite in China closed 0.22 percent higher, while the Nikkei in Japan closed 1.43 percent higher.

In oil markets, prices edged lower after investor expectations of an increase in U.S. inventories offset the bullish momentum from cuts announced by OPEC as well as other producers.

Brent crude traded at around $54.97 a barrel on Wednesday, down 0.85 percent, while U.S. crude was around $52.74 a barrel, down 0.8 percent.